Underwriting Question after Chapter 7 Bankruptcy (loan, approval, foreclosed, credit card)

[jameswoodward]

Hi..I was wondering if anyone knows if an underwriter will give me final approval for a loan assuming I meet all criteria set forth (3 separate brokers prequalified me) BUT I did claim chapter 7 bankruptcy about 3 years ago and one of my credit cards that was discharged WAS from the same company that the underwriter works for (keep in mind I do meet the 2 year bankruptcy requirement AND this is for an FHA loan). Any help is greatly appreciated.

****also I was wondering if I could have my broker send off my paperwork to a separate underwriter to start the process in case this one denies me (or do I have to wait until this underwriter makes a decision?***If this is all bad news for me can I just cancel the underwriting procedure 5 days in and submit to another underwriter?

[TheJagMan]

Originally Posted by jameswoodward

Hi..I was wondering if anyone knows if an underwriter will give me final approval for a loan assuming I meet all criteria set forth (3 separate brokers prequalified me) BUT I did claim chapter 7 bankruptcy about 3 years ago and one of my credit cards that was discharged WAS from the same company that the underwriter works for (keep in mind I do meet the 2 year bankruptcy requirement AND this is for an FHA loan). Any help is greatly appreciated.

****also I was wondering if I could have my broker send off my paperwork to a separate underwriter to start the process in case this one denies me (or do I have to wait until this underwriter makes a decision?***If this is all bad news for me can I just cancel the underwriting procedure 5 days in and submit to another underwriter?

I'm very knowledgeable in credit...Only the lender/U.W. can answer this as each has different rules. Most lender will approve someone even if you've listed them as a debtor. Majority of lenders can approve you 2 years after discharge...If you surrendered a home to the BK and foreclosed after the discharge some lenders wait for two years after the foreclosure. So the BK isn't the dis-qualifier...Your post discharge credit history, income and down payment is what will determine if you're approved or not. Also, different lenders have different so it helps to shop around...

[jameswoodward]

Thanks so much for the speedy reply! That seems to help calm me abit for the weekend...I was also wondering if my broker can submit to another lender/UW on Monday, just to be safe...then cancel one in 10 days if necessary.
**(Maby he or I could contact the bank/UW directly to check their rules?)

[jameswoodward]

I found the answer in another thread! next time i'll open me eyes...thx all!

[TheJagMan]

I have spoke to UW's before, but it still depends on lenders rules. Were you approved?